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Wells Fargo CEO sees 'more downside' to U.S. economy as lower-income consumers struggle
CNBC· 2025-09-10 21:26
Wells Fargo CEO Charles Scharf said Wednesday that while corporations and higher-income consumers are thriving, lower income Americans are struggling to stay afloat.The bank's data shows that "companies are in really great shape" and spending among all income levels has been steady, but there are signs of stress among lower earners, Scharf said in an interview on CNBC's Squawk Box."There is this big dichotomy between higher-income and lower-income consumers which continues and is a real issue," Scharf said. ...